SMB publishes guidance notes on screening obligations
On the 23rd December, the Sanctions Monitoring Board (‘SMB’) issued two guidance notes on the applicability of screening obligations against sanctions and adverse media.
The National Interest (Enabling Powers) Act imposes certain obligations on screening against sanctions lists or restrictive measures imposed by the European Union and the United Nations. The Act further specifies that regulations made thereunder may be applicable to persons in Malta, persons resident in Malta, citizens of Malta wherever they may be or to vessels, aircraft or other means of transport registered in or belonging to Malta or travelling to or from such countries specified in the relevant regulations. As the scope of application is not limited to ‘subject persons’ (as defined under the Prevention of Money Laundering and Funding of Terrorism Regulations), the SMB has clarified that sanctions screening obligations are also applicable to non-subject persons.
Similarly, the SMB issued an additional guidance note recommending that both subject and non-subject persons include adverse media screening in fulfilling their customer due diligence obligations.
DF Advocates assists a number of individuals and entities (subject persons and non-subject persons) in the fulfilment of their regulatory compliance obligations. For further information, please contact our Financial Services Team at dfcs@dfadvocates.com.